Did anyone else do this?

james32_uk · 21 August 2006 at 6:44PM

Important to realise that the higher interest charge goes right to the bottom of your debt too. So take out £100 cash on a card with £3k on it and it will take you £3k worth of repayments before you start paying back the £100 at higher interest rate.

And yes I've done it.

james32_uk · 21 August 2006 at 6:46PM

lynzpower wrote:

a) consolidation then spending on the cards V silly
b) going to those cheque cashing places Silly
c) paying off student loans 3.2% with a 18% APR credit card vvvvvvv silly :eek: :eek: :eek:

Oh dear!

Dr.Shoe_2 · 21 August 2006 at 6:59PM

lynzpower wrote:

I dont know if its as bad as

a) consolidation then spending on the cards
b) going to those cheque cashing places
c) paying off student loans 3.2% with a 18% APR credit card

I've done one of these things, but I'm not gonna say which!

Other stupid things I've done:

Selling my BT shares to pay off a debt (they'd be worth about £40,000 now :eek: ).
Taking stuff to cash converters instead of using Ebay!

I've never taken a cash advance at all let alone to pay a CC bill.

Anwen_2 · 21 August 2006 at 7:17PM

No, but when I used to have a Dorothy Perkins card, and Debenhams was still part of the same group, I used to take out cash at their customer service till and spend it elsewhere in the shopping centre... Really bright! This was when I was a student, thankfully I only had a limit of about £300 and my mum ended up paying it off for me.

Using CC withdrawal cash to pay the CC isn't even robbing Peter to pay Paul, really, it's robbing Paul to pay Paul! Yikes.

In_Search_Of_Me · 21 August 2006 at 8:01PM

Yup been there & paid the exorbitant interest!! Partly why I now take great joy of getting interest on my savings money while paying off cc each month - unless its 0% but thats because I plan & have this new thing called a budget! Only took me 36 years to get one mind!!

MinnieSpender · 21 August 2006 at 8:34PM

Oh gawd! This is a toe-curling thread! I've done several of these things.

But never again!

hbl_2 · 21 August 2006 at 8:55PM

Sorry, never done it. But I have taken cash advances on my credit card whilst waiting for my next student loan instalment when I needed cash for cash only stuff (laundry machines, that kind of thing).